Mid February already and Valentines buying is in full force! Even our almost 3 year old granddaughter blurted out last night that she wants a Valentines cake??? The power of advertising!
So how do we make sense of “advertising” surrounding the housing market? Is it time to list? Time to start looking to buy? The question many of our buyers ask us at this time of year is - will the homes coming onto the market in the Spring be listed on average at lower or higher pricing than the current inventory? Should they wait to see what new homes will come on as there will be more choice; or if newly listed homes come on to the market at a higher price is it better for them to purchase now before prices go up?
Looking at the actively listed homes for 1st of February versus 1st of January, we find that average pricing is almost across the board down in the different sub-areas around town. Not by much, but it is a downward trend rather than an upward one. This may be due to the fact that some homes being listing now were previously listed at a higher price but did not sell, so are coming back on market at reduced rates to attract buyers to purchase.
It also can be a reflection that the Sellers who list now before the grass is green and the flowers are blooming, are perhaps the more serious sellers who do want quick sales activity on their homes.
Either way, we do know that adjusting the mortgage amortization periods to 30 years from 35, plus the announcement that most banks have increased their 5 year rates this week, is certainly prompting buyers to lock in their mortgage rates now. Therefore sellers who are currently on the market are starting to see offers happening.
Please feel welcome to call us at 250-503-3461, toll free 1-888-225-2277 and book a time to chat about where your home would fit in current market pricing and give you instant access to new listings and price changes of homes on the market.
We hope you find the MLS® real estate statistics we've provided below useful. We have compiled many more detailed reports for the Vernon, BC area and we'd be happy to send you a copy. There is no cost or obligation for this valuable information, just e-mail us your request or call us at the numbers above.
The first report shows Vernon and area Single Family Homes actively listed for sale on the MLS® as at February 1, 2011 grouped by sub-area.
Below is a comparison of MLS® properties sold in the last 6 months vs those sold during the same period a year ago.